MI HB6447

Replaces superintendent of public instruction with student loan ombudsman as ex officio member and chairperson of the Michigan Higher Education Assistance Authority.

Reduces authority membership from 17 representatives from various educational institutions and the public to 4 total members: the student loan ombudsman chairperson and 3 members appointed by the superintendent of public instruction.

Changes appointment and removal authority from the governor to the superintendent of public instruction for all appointed members.

Transfers authority's annual reporting requirement from the governor to the superintendent of public instruction.

Clarifies that authority members also serve on the Michigan Higher Education Student Loan Authority and changes financial oversight from the commissioner of financial institutions to the director of insurance and financial services.

Takes effect 90 days after enactment and is contingent on passage of HB 6446 or a Senate Bill.